1099 Misc form , Please help

I checked my mail after i done my taxes and notice they sent my tax papers to me, in the papers it had a separate letter that reads misc 1099, need help.

 

Did i miss the chance to earn more money? please tell me. Because i didn't think i had to enter nothing in box 3 on my taxes, and i didn't get this form until after i filed my taxes. Also do i have to send this form to the IRS??????????

BillM223
Expert Alumni

After you file

Box 3 on the 1099-MISC is "Other Income". It is normally taxable and should be reported on your tax return. If you e-file, then TurboTax will send a copy of the 1099-MISC to the IRS, so you don't have to.

 

Box 3 is used for a variety of things, like winnings from a contest. It is not considered self-employment income, so you will not have to file a Sch C (for this form anyway).

 

Since you have already filed your taxes, you will need to amend your return. 

 

The form for amending a return (1040X) is not ready yet, but since your return will need to be processed before amending and since the IRS did not start accepting e-files for processing until January 27th, you shouldn't amend your return for at least a few weeks.

 

Please watch this link (TurboTax FAQ on Amending Returns), and when the instructions for amending 2019 returns appear, you can start the amendment process then. Follow these instructions to open TurboTax and add your new W-2.

 

NOTE: this is a good reason to not e-file your return before the IRS opens up e-filing, because the time lag gives you a chance to make any corrections to your return before you actually file. Once you e-file the return, it is too late to change without amending the return instead.

 

NOTE NOTE: if by chance your e-file is rejected by the IRS, then you will have a chance to add your W-2 and then try to e-file again. Watch the status of your return.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

After you file

Thank you and thanks for the link. So by adding other income, i would have more money coming in once i do the new process? would it be a check ? 

DavidS127
Expert Alumni

After you file

When you amend and add the other income from box 3 of your 1099-MISC, your income will increase which means your total tax will increase.  You will not get more money back. Instead, you will probably owe.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

After you file

I'm confused, I'm sure i will get my fed and state before the amend process thing.

also what do you mean owe money? I have to pay money back????????

then its not point to even do the amend thing.

ColeenD3
Expert Alumni

After you file

Yes, if you receive additional income without any additional withholding, your income will increase and so will your tax. Since you already filed and will get a refund, you will have to pay some back with your amended return. 

After you file

 

 You mean they will take some of the money from the amend return?

ok thats' fine.